Today, about 30 million workers are collecting jobless benefits, and unemployment is hovering around 11%. Almost all of those job losses are due to the coronavirus pandemic, and although we were hoping that most of those job losses would be temporary furloughs, and that people could get back to work after just a few months on “pause,” data from the University of Chicago’s Booth School of Business estimates that 42% of pandemic-induced layoffs will result in permanent job losses.
So many of us are struggling right now, not just with making end’s meet, but also dealing with all of the unknowns. To help address some of your questions and concerns, we put out a special mailbag episode, specifically for those of you who have faced job loss, or worry that a layoff might be coming.
In this episode, Jean and Kathryn tackle a question from a listener whose nonprofit foundation is shuttering, and she’s unsure which source of income to tap if her job search takes longer than she’d like. We also hear from a woman who is unsure whether to opt for a balance transfer or a 401(k) loan in order to manage her credit card debt situation, given that her husband was just laid off.
We also guide a couple who is debating taking money from their 401(k)s in order to pay off their house, and we advise a woman who is divorced and looking to retire in about 5 years, but has concerns about market volatility, having cash on hand, and paying off her car loan.
If you’ve suffered a job loss during this time, the whole HerMoney team is rooting for you, and we’ve got your back through this crisis. To reach out to us with a question for an upcoming episode, email us at [email protected].
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